Faroe Islands GDP per Capita
GDP divided by midyear population NY.GDP.PCAP.CD
Faroe Islands's gdp per capita was $74,120 in 2024, ranked 12th globally. This represents a 2.3% increase from 2023. Data from World Bank, covering 1965–2024.
Overview
Faroe Islands's gdp per capita stood at $74,120 in 2024, a rise of +$1,654 from 2023. Faroe Islands ranked 12th globally.
Faroe Islands’ GDP per capita has risen dramatically over the 60‑year span from 1,594.48 in 1965 to an all‑time peak of 74,119.66 in 2024, placing the territory at 12th in the world according to World Bank data. This ascent reflects sustained growth in fisheries, tourism and increasingly diversified services, while the small, open economy has benefited from high export earnings and strong fiscal buffers. The latest figure of 74,119.66 surpasses the comparable level of Denmark (71,026.48) and approaches the earnings of Qatar (76,688.69), underscoring the Faroe Islands’ capacity to compete with wealthier peers despite a modest population. The long‑term upward trajectory has been punctuated by occasional external shocks, yet the consistent rise suggests structural resilience. Maintaining this momentum will likely depend on continued investment in high‑value sectors and the ability to mitigate climate‑related risks to marine resources, which could shape the future path of per‑capita prosperity.
Data & projection
| Year | GDP per Capita | YoY change | Rank |
|---|---|---|---|
| 2024 | $74,120 | +$1,654 | #12 |
| 2023 | $72,465 | +$5,407 | #14 |
| 2022 | $67,058 | −$2,357 | #16 |
| 2021 | $69,415 | +$7,172 | #14 |
| 2020 | $62,243 | −$825 | #11 |
| 2019 | $63,068 | +$542 | #15 |
| 2018 | $62,526 | +$3,139 | #14 |
| 2017 | $59,387 | +$2,512 | #15 |
| 2016 | $56,875 | +$4,238 | #15 |
| 2015 | $52,637 | −$7,535 | #18 |
| 2014 | $60,172 | +$4,414 | #14 |
| 2013 | $55,758 | +$5,496 | #16 |
| 2012 | $50,262 | −$1,357 | #21 |
| 2011 | $51,619 | +$3,696 | #21 |
| 2010 | $47,923 | +$864 | #19 |
Analysis
Faroe Islands's gdp per capita was $74,120 in 2024, a rise of +$1,654 from 2023.
Frequently Asked Questions
Faroe Islands's gdp per capita was $74,120 in 2024. Ranked 12th globally. This represents a 2.3% increase from the previous year.
Faroe Islands's gdp per capita peaked at $74,120 in 2024.
The lowest gdp per capita in Faroe Islands was $1,594 in 1965.
Faroe Islands ranks 12th globally in gdp per capita as of 2024.
The World Bank indicator code is NY.GDP.PCAP.CD. Data sourced from World Bank.
The gdp per capita of Faroe Islands in 2024 was $74,120. This ranks 12th in the world.
Cite this page
@misc{historysaid_faroe-islands_gdp-per-capita,
title = {Faroe Islands GDP per Capita},
url = {https://historysaid.com/faroe-islands/gdp-per-capita/},
publisher = {HistorySaid},
year = {2026}
}